Hello Marketing, What can Artificial Intelligence Help You with?
Technology is defined as the integration of systems with concrete computational abilities, functioning through a web of hardware and software alignments towards achieving desired solutions. Intelligence refers to the inborn and acquired computational ability found in humans, mammals, and computers to different degrees. Artificial Intelligence (AI) is a computer-assisted analytical technology that aims to shape intelligent using automated processes. It can also be described as the presentation of human intelligence in the form of machines. AI consists of two groups, i.e., strong and weak AI.
Artificial Intelligence as a technology is the synthesis of a range of software and resources, and its real-time benefit derives from its experiences with other innovations such as: natural language processing, voice recognition, machine learning, robotics, and computer vision are used for artificial intelligence. This technological development offers a variety of market opportunities.
Machine learning as defined by (Samuel, 1959) is the ability of systems to learn without being explicitly programmed and is modeled around the paradigm of human and animal learning associations. Machine learning as the application of AI is the inbuilt capacity of modern era machines to learn from algorithms and statistical analysis tools (Rouse, 2018) by accessing large repository of databases and providing marketers with actionable insight to enable intelligent automation and decision making. The application of machine learning can be tracked to identification of market trends or common occurrences from data sets and effectively predict common insights (Bluma,1995) responses and reactions so marketers can understand the root cause and likelihood of repeating actions and customize timely solutions. Machine learning algorithms are divided into three major categories: supervised learning, unsupervised learning and reinforcement learning. Supervised learning is used in cases where a particular set of data lacks certain data and it should be adequately predicted. Unsupervised learning is used when the connection between unrelated, diversified data is to be discovered in a huge set of data. Reinforcement learning is located between these two extremes, i.e it predicts what will happen if there is a connection between two or more events or data.
Deep learning is a specific machine learning technique and is defined as the mechanism of feeding machines with huge sets of data so as to enable them to work on self-learn-solve paradigm (Kutton, 2018). Deep learning is the subset of machine learning which is an application of artificial intelligence and it had yielded eye opening research results in the domains of speech recognition, computer vision and natural language processing. Deep learning is built on artificial neural networks that are somewhat similar to biological neural associations and is closely synchronized with the human brain in terms of problem solving and decision making. With billions of usage, technology giants such as Google, Facebook, Twitter, and YouTube regularly generate vast amounts of data and spend heavily in breakthrough software, data processing systems, data monitoring and processing processes, and related market models in order to create lifetime value.
When market processes become more dynamic and flexible, and organizational-friendly technology becomes more integrated in day-to-day activities, most of the companies started dealing with huge volumes of data which is referred to as Big Data. These data are very large and complex which traditional data processing software cannot process. Current systems are becoming redundant as the volume of data grows at an accelerated rate. Complex coding skills, subject knowledge, and mathematical knowledge are all needed for big data processing. Big data can be explained by the 3V dimensions -Volume, Velocity, Variety. Marketing departments of an organization thus use these smart techniques for customizing their product offering in tune to customer-eccentric requirements.
Marketing is both an art and a science, i.e., the art of profitably marketing commodities and the science of conducting a sale or trade by a sequence of programmed behavior. Marketing from organization perspective can be described as an operation, a collection of entities, and a set of processes for developing, interacting, distributing, and sharing valuable offerings for consumers, clients, collaborators, and society as a whole. From the perspective of the consumer, marketing be defined as a series of steps aimed at achieving the desired purpose of bringing value to associated stakeholders at a predetermined price/cost. Marketing from societal perspective as defined by (kotler & Keller,2009) is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others.
Marketing has already been greatly affected, like any other domain, by the introduction of emerging technologies, and this trend will expand significantly in the coming years. It is clear that AI has improved marketing efficiency in numerous ways. Because of growing computational power, lower computing costs, the availability of big data, and the development of machine learning algorithms and models, artificial intelligence (AI) in marketing is currently gaining prominence. In different fields of marketing, we see comprehensive AI implementations.
Integration of AI enabled technologies can enhance organizations data processing capabilities and make decision making process more inclusive and representative. It’s important to note that as technological solutions get more intelligent and flawless, the public’s needs become more sophisticated. People will find what they need quickly using social media and fast search engines like Google. Artificial intelligence and big data can be used to study these search models and assist advertisers in identifying the main places where they can concentrate their efforts.
Marketers are also seeking to draw buyers with different types of ads, but they can do so more easily and effectively if they use artificial intelligence. Online advertisements are getting smarter and more successful as a result of big data. For human solutions, artificial intelligence may drill down into records, social networks, accounts, and other online material.
With the help of artificial intelligence, marketers will be able to target consumers to a completely different level. Marketers can have a better understanding of their targeted customers by studying them individually, in addition to their demographic characteristics. Marketers will also use artificial intelligence on two levels: to more quickly classify future consumers and to produce the best content that is most important to them. This is accomplished by the use of big data, deep learning, and their fusion.
Another field where artificial intelligence will play a major role in the future is customer service and retention. Conversation features and other direct-to-consumer engagement will be handled by artificial intelligence bots in the near future. Companies can save time and money for their employers as a result of this. Artificial intelligence bots would have access to the entire internet’s worth of data, knowledge, and search background, helping them to outperform humans.
Artificial intelligence will not only uncover any secret details, but it will also educate them and integrate them into new advertising promotions, allowing messages to be tailored to the most important customers. Artificial intelligence systems can improve in intelligence and effectiveness over time, allowing for real-time decision making.
Artificial intelligence is now changing the technology world of businesses through big data, artificial learning, and ideal solutions. Companies alter their market practices in order to become more responsive, profitable, and sustainable. New marketing opportunities have often arisen as a result of technical advancements. Artificial intelligence is a study of how to make machines intelligent or capable of solving problems as well as people can. This will pose a new challenge, a new opportunity for companies and marketers. Artificial Intelligence helps marketers to realize full personalization and relevance.
